Tuesday, October 27, 2009

Morning Briefing for October 27th: From Support to Resistance?

I'm posting this from a car taking me from LGA to the trading firm where I'll be working for the next two days. Thank goodness for wireless broadband!

I guess I was tired enough a little after 3 AM CT, when I posted to the blog and Twitter, that I didn't realize I had reached my 3000th post on TraderFeed. Whew!

I'm watching the lows of 10/22 and 10/23 to see if that former support now acts as resistance for any market strength. As long as we're expanding the number of stocks making 20-day lows and seeing Supply handily outstrip Demand in my momentum measure posted each AM to Twitter, I'm not looking to wade in on the long side just quite yet.